Latest news with #Conisbee
Sydney Morning Herald
14-06-2025
- Business
- Sydney Morning Herald
‘Tremendous growth': Melbourne's prestige suburbs outperforming the rest
Prestige middle suburbs with leafy streets, good schools nearby and a strong community feel have boosted demand in Melbourne's property market, helping these areas outperform many inner-city neighbourhoods in price growth. Among Melbourne suburbs that have a median house price above $2 million, Balwyn North recorded the highest growth in median house price across a five-year period to the end of March. It climbed 26.4 per cent to reach a median of $2.25 million, according to Domain data. It was followed closely by neighbouring Surrey Hills, which grew 26.3 per cent to a median of $2,195,000. Rounding out the top five were Eaglemont (24.5 per cent), Hampton (24.4 per cent) and Black Rock (23.8 per cent). Despite this growth, Ray White group chief economist Nerida Conisbee said Melbourne's prestige property sector has lagged other states. 'Luxury suburbs in some places like Perth have seen three or four times that rate of growth. South-east Queensland is quite similar. So even though Melbourne has seen growth, it's fairly lacklustre at the top end,' she said. 'Melbourne lost quite a few people to other parts of the country ... South-east Queensland in particular was the key beneficiary of population movement particularly amongst wealthier Melburnians.' Still, middle-ring suburbs such as Balwyn North and Eaglemont have outshone inner-city postcodes including South Yarra and Brighton. 'Places like Balwyn, North Hawthorn, East Camberwell, Hawthorn all have really good access to some of Melbourne's best schools,' Conisbee said.
Sydney Morning Herald
14-06-2025
- Business
- Sydney Morning Herald
‘Close to water': Sydney's prestige suburb outperforming the rest
Five of Sydney's priciest suburbs, all known for their proximity to water – whether that be direct waterfront or with expansive water views – have performed best for price growth over the past five years. Among Sydney suburbs with a median house price of $4 million or more, Bellevue Hill recorded the highest median house price growth over the five years to end of March, climbing 71.1 per cent to $9,625,000, on Domain data. Bellevue Hill was followed by Northbridge, with a median house price of $5,160,000 and growth of 68.1 per cent. The remaining top five spots were taken by Mosman, which rose 63.9 per cent to $5,373,500; South Coogee, up 62.1 per cent at $4,400,000; and nearby Coogee, up 60.8 per cent over five years to $4,325,000. Rounding out the top 10 were North Bondi (up 46.2 per cent), Woollahra (up 44 per cent), Hunters Hill (up 40.8 per cent), Vaucluse (up 39.9 per cent) and Manly (up 37.6 per cent). Ray White Group chief economist Nerida Conisbee said interest rates being 'so low' during COVID was a reason for luxury property to perform well over the five years. 'We tend to think of super wealthy people not using borrowing to buy homes, but a lot of them would have because when you can borrow at an extremely low-interest rate, it makes sense to borrow money and then invest your cash,' she said. 'So, not all of those areas are on the beach, obviously, but a lot of them are quite close to water. So that was also a significant trend; that when people were locked down, they did want to be in places that were walkable, close to water, in a really pleasant environment.' High interest rates had led to a softening of the luxury property market, Conisbee said.
The Age
14-06-2025
- Business
- The Age
‘Close to water': Sydney's prestige suburb outperforming the rest
Five of Sydney's priciest suburbs, all known for their proximity to water – whether that be direct waterfront or with expansive water views – have performed best for price growth over the past five years. Among Sydney suburbs with a median house price of $4 million or more, Bellevue Hill recorded the highest median house price growth over the five years to end of March, climbing 71.1 per cent to $9,625,000, on Domain data. Bellevue Hill was followed by Northbridge, with a median house price of $5,160,000 and growth of 68.1 per cent. The remaining top five spots were taken by Mosman, which rose 63.9 per cent to $5,373,500; South Coogee, up 62.1 per cent at $4,400,000; and nearby Coogee, up 60.8 per cent over five years to $4,325,000. Rounding out the top 10 were North Bondi (up 46.2 per cent), Woollahra (up 44 per cent), Hunters Hill (up 40.8 per cent), Vaucluse (up 39.9 per cent) and Manly (up 37.6 per cent). Ray White Group chief economist Nerida Conisbee said interest rates being 'so low' during COVID was a reason for luxury property to perform well over the five years. 'We tend to think of super wealthy people not using borrowing to buy homes, but a lot of them would have because when you can borrow at an extremely low-interest rate, it makes sense to borrow money and then invest your cash,' she said. 'So, not all of those areas are on the beach, obviously, but a lot of them are quite close to water. So that was also a significant trend; that when people were locked down, they did want to be in places that were walkable, close to water, in a really pleasant environment.' High interest rates had led to a softening of the luxury property market, Conisbee said.
The Age
14-06-2025
- Business
- The Age
‘Tremendous growth': Melbourne's prestige suburbs outperforming the rest
Prestige middle suburbs with leafy streets, good schools nearby and a strong community feel have boosted demand in Melbourne's property market, helping these areas outperform many inner-city neighbourhoods in price growth. Among Melbourne suburbs that have a median house price above $2 million, Balwyn North recorded the highest growth in median house price across a five-year period to the end of March. It climbed 26.4 per cent to reach a median of $2.25 million, according to Domain data. It was followed closely by neighbouring Surrey Hills, which grew 26.3 per cent to a median of $2,195,000. Rounding out the top five were Eaglemont (24.5 per cent), Hampton (24.4 per cent) and Black Rock (23.8 per cent). Despite this growth, Ray White group chief economist Nerida Conisbee said Melbourne's prestige property sector has lagged other states. 'Luxury suburbs in some places like Perth have seen three or four times that rate of growth. South-east Queensland is quite similar. So even though Melbourne has seen growth, it's fairly lacklustre at the top end,' she said. 'Melbourne lost quite a few people to other parts of the country ... South-east Queensland in particular was the key beneficiary of population movement particularly amongst wealthier Melburnians.' Still, middle-ring suburbs such as Balwyn North and Eaglemont have outshone inner-city postcodes including South Yarra and Brighton. 'Places like Balwyn, North Hawthorn, East Camberwell, Hawthorn all have really good access to some of Melbourne's best schools,' Conisbee said.
Sydney Morning Herald
03-06-2025
- Business
- Sydney Morning Herald
The type of housing cost that just soared 75 per cent in five years
The cost of land for housing development has skyrocketed by 75 per cent over the past five years, pushing homeownership further out of the hands of average potential buyers. The median development site cost has risen from $4.8 million in 2020, to $8.5 million this year, Ray White analysis of Real Capital Analytics data shows. It comes as construction costs remain elevated from their pre-COVID-19 levels, putting further pressure on affordability. Ray White Group chief economist Nerida Conisbee said it would take considerable time before building costs fell enough to make new housing genuinely affordable for average buyers. 'Land costs haven't come back down and what's happening is developers want to build, but they can't do it affordably,' Conisbee said. 'We're not seeing the crashes in the market we previously saw so we're in a kind of holding pattern.' In past economic downturns, rising interest rates would put pressure on some owners of development sites, forcing them into distressed sales at reduced prices. But this time was different, and Conisbee said many had built financial buffers while interest rates were at record lows, and developers have been in a better position to hold onto land. They were also entering into joint ventures when finances were squeezed. Changes to how lenders operated were also helping developers hold on to their assets, banks were holding off on forced sales for struggling developers, and were more likely to offer relief measures. It comes as the federal government aims to deliver 1.2 million homes in five years to address the housing affordability challenge.
